Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 8.4% - What's Next?

Key Points

• Bitdeer Technologies Group's shares fell 8.4% to a trading price of $23.70, significantly down from its previous close of $25.88, with a notable decline in trading volume.
• Several analysts have issued new price targets for Bitdeer, with Needham & Company raising their target to $30.00 and Cantor Fitzgerald to $50.00, reflecting a consensus rating of "Moderate Buy" among analysts.
• Institutional investors have increased their stakes significantly in Bitdeer Technologies Group, with Voya Investment Management raising its ownership by 421.6%, indicating growing institutional confidence in the company.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares dropped 8.4% on Friday . The company traded as low as $22.90 and last traded at $23.70. Approximately 3,284,545 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 5,641,949 shares. The stock had previously closed at $25.88.

Analysts Set New Price Targets

BTDR has been the subject of a number of recent analyst reports. Needham & Company LLC upped their price target on shares of Bitdeer Technologies Group from $17.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday. Cantor Fitzgerald upped their target price on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday. Rosenblatt Securities restated a "buy" rating and set a $20.00 target price on shares of Bitdeer Technologies Group in a research report on Wednesday. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Finally, Roth Capital restated a "buy" rating and set a $40.00 target price on shares of Bitdeer Technologies Group in a research report on Wednesday. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $27.58.

Bitdeer Technologies Group Trading Down 8.0%

The company has a market cap of $5.04 billion, a PE ratio of -5.07 and a beta of 2.25. The stock's 50 day moving average is $15.98 and its 200-day moving average is $13.38. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 0.12.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vontobel Holding Ltd. raised its stake in shares of Bitdeer Technologies Group by 90.9% in the third quarter. Vontobel Holding Ltd. now owns 32,668 shares of the company's stock valued at $558,000 after acquiring an additional 15,559 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of Bitdeer Technologies Group by 46.0% in the third quarter. Exchange Traded Concepts LLC now owns 508,546 shares of the company's stock valued at $8,691,000 after acquiring an additional 160,296 shares during the period. Voya Investment Management LLC raised its stake in shares of Bitdeer Technologies Group by 421.6% in the third quarter. Voya Investment Management LLC now owns 128,331 shares of the company's stock valued at $2,193,000 after acquiring an additional 103,730 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Bitdeer Technologies Group by 7,157.0% in the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock valued at $83,000 after acquiring an additional 7,157 shares during the period. Finally, Vident Advisory LLC raised its stake in shares of Bitdeer Technologies Group by 13.2% in the second quarter. Vident Advisory LLC now owns 775,776 shares of the company's stock valued at $8,906,000 after acquiring an additional 90,762 shares during the period. Hedge funds and other institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.

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